Apple, today at Apple’s “show time” services event, announced Apple Card credit card. Apple Card’s value proposition lies in improving things about the credit card experience with simpler applications, no fees, lower interest rates, and better rewards.
Some of the major highlights of Apple Card are:
- Issued in partnership of Goldman Sachs and Mastercard
- No card number, CVV, expiration date or signature
- Virtual card for Apple Pay, physical Titanium card for Mastercard network
- Daily Cash instead of reward points
- Reward rate: 3% on Apple purchases, 2% using Apple Pay and 1% using Physical Card
- No late fee, annual fee, international fee or over limit fee
- Real time fraud prevention
The Apple Card opens for applications in summer 2019 in USA.
When compared with competitors for reward rate, Amazon offers 5 percent cash back on Amazon purchases. Uber offers 4 percent on all dining as well as $100 back when you spend $500 in the first 90 days. Though the reward rate is little less, the simplicity and tight integration with Apple ecosystem would be major driving factor for this card. However for power users, reward rate matters most and hence they might not switch to this card.
Given that Apple Pay itself is not available in India, it’s a long way for Apple Card to launch in India. When do you think it will launch in India and would you switch to this card once it’s available?